GBPUSD Short Term Elliott Wave Analysis 6.17.2015

Rally from 1.5169 low is unfolding in a triple correction ((w))-((x))-((y))-((z)) where wave ((w)) ended at 1.544, wave ((x)) ended at 1.5189, wave ((y)) ended at 1.5554, and second wave ((x)) ended at 1.5419. From second wave ((x)) low at 1.5419, the pair rallies in wave ((z)) as a double correction (w)-(x)-(y) where wave (w) ended at 1.5598, wave (x) ended at 1.5484, and wave (y) is in progress towards 1.5689 – 1.5754 area to complete wave W.

Expect some profit taking from 1.5689 – 1.5754 area and the pair to pullback in wave X in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. We don’t like selling the proposed pullback in wave X. As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.

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